Commodities

Higher arrivals pile pressure on jeera

Our Correspondent Rajkot | Updated on July 28, 2011 Published on July 28, 2011

jeer

Jeera fell more than 3 per cent in spot and futures markets as higher arrivals in the past few days have put pressure on it.It dropped by Rs 60-70 to Rs 2,000-3,150 for a maund of 20 kg at the Agricultural Produce Marketing Committee (APMC) yard in Unjha, where 13,000-14,000 bags arrived. The spice fell by Rs 50-55 to Rs 2,121-2,829 for 20 kg at the APMC in Rajkot, where 2,000 bags (1,400 bags) arrived.

The August contract for jeera on the National Commodity and Derivatives Exchange declined by Rs 525, or 3.22 per cent, to Rs 15,776 a quintal, with an open interest of 16,269 lots. September contract was down by Rs 533 to Rs 16,225, with an open interest of 17,799 lots.

Arrivals increased on rising prices in the past few days, but that may pull down prices in the coming days, said Ashvinbhai Patel, A Rajkot-based broker.

Exports dipped 46 per cent to 5,750 tonnes while their value slid 36 per cent to Rs 7,560 lakh during April-June 2011.

Spot jeera prices increased as offtake decline a little and futures slipped as investors booked profits, said a report from Angel commodities. However, reports of new enquires from overseas buyers may support prices as Turkey has not left with enough quality crop because rains in the last week of May damaged the standing crop, the report added.

Published on July 28, 2011
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